National Grid 2004 Annual Report Download - page 27

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9. Dividends
12 months 12 months
ended ended
31 Mar 2004 31 Mar 2003
£m £m
Ordinary shares:
Interim dividend 70 244
Transco plc is prohibited from declaring a dividend or other distribution unless it has certified to Ofgem that it is in compliance in all material respects
with certain regulatory obligations, including a requirement to ensure it has sufficient financial resources and facilities to enable it to carry on its
business and a requirement to use all reasonable endeavours to maintain an investment grade rating.
10. Tangible fixed assets
The Group
Assets Motor
Plant in the vehicles
Land and and course of and office
buildings machinery construction equipment Total
£m £m £m £m £m
Cost at 1 April 2003 75 10,503 237 624 11,439
Additions 2 326 132 75 535
Disposals (1) (102) (1) (89) (193)
Reclassifications – 121 (209) 88 –
Cost at 31 March 2004 76 10,848 159 698 11,781
Depreciation at 1 April 2003 (20) (3,209) – (427) (3,656)
Charge for the year (3) (338) – (82) (423)
Disposals –89 –85174
Depreciation at 31 March 2004 (23) (3,458) – (424) (3,905)
Net book value at 31 March 2004 53 7,390 159 274 7,876
Net book value at 31 March 2003 55 7,294 237 197 7,783
The Company
Assets Motor
Plant in the vehicles
Land and and course of and office
buildings machinery construction equipment Total
£m £m £m £m £m
Cost at 1 April 2003 75 10,506 237 623 11,441
Additions 2328 132 75 537
Disposals (1) (102) (1) (89) (193)
Reclassifications –121 (209) 88 –
Cost at 31 March 2004 76 10,853 159 697 11,785
Depreciation at 1 April 2003 (20) (3,209) – (427) (3,656)
Charge for the year (3) (338) – (82) (423)
Disposals –89–85 174
Depreciation at 31 March 2004 (23) (3,458) – (424) (3,905)
Net book value at 31 March 2004 53 7,395 159 273 7,880
Net book value at 31 March 2003 55 7,297 237 196 7,785
The net book value of land and buildings comprises:
2004 2003
At 31 March £m £m
Freehold 48 51
Long leasehold 12
Short leasehold 42
53 55
The cost of tangible fixed assets at 31 March 2004 includes £12m (2003: £nil) relating to interest capitalised.
Included in creditors (amounts falling due within one year) and creditors (amounts falling due after more than one year) are contributions to the cost
of tangible fixed assets amounting to £34m (2003: £32m) and £1,000m (2003: £956m) respectively.
Notes to the Accounts_continued
Annual Report and Accounts 2003/04_Transco plc 25